2021/10/04 7:26 AM – D1 – POTENTIAL BULL TRAP ?

BTC – D1 – POTENTIAL BULL TRAP ? by Ironman8848 on TradingView.com

Today, we are going to look carefully at the recent and current price action on the  Daily chart . 


Indeed, after having, yesterday, nearly filled the technical target of the  triangle pattern @ 49’421 with 
an intraday high @ 49’225, the  BTC lost the momentum to clearly confirm the clouds breakout as you can 
see, for the time being, on the D1 chart ! 


In addition, as already mentioned yesterday, there is a potential  double top in progress with the first top 
between Sept 15th and Sept 19th and the potential second top, currently in progress. 


IMPORTANT TO NOTE THAT THE SECOND TOP AREA COINCIDES EXACTLY WITH THE CLOUDS TOP RESISTANCE !!! 


A failure to clearly break this 48’500 level on a daily closing basis would put again the  BTC under pressure and looking below 47’000 it looks very fragile towards 46’000 (former  resistance level which became new  support area ) ahead of 45’000 MBB TS cluster. 


ON THE UPSIDE, the psychological 50’000 will be the next significant  resistance level to break in order to get out of this ongoing uncertainty and indecision for further development. 


As already mentioned, watch carefully at all intraday time frames, in order to detect early signal (s) as divergences which would allow to act accordingly .


If you like my analysis, do not forget to support with a like and follow 🙂 


Thanks in advance. 


Have a nice week. 


Ironman8848 

Disclaimer :

All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied. 

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